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Polygon Lands $450M as Sequoia Capital Bets on Web3

Polygon Lands $450M as Sequoia Capital Bets on Web3

Key Takeaways

  • Polygon has raised $450 million in an investment spherical led by Sequoia Capital India.
  • Polygon says this might perchance perchance expend the capital for its ecosystem fund and to pay its crew.
  • Polygon’s native token, MATIC, has surged 17% following the announcement.

Polygon has closed a $450 million raise. Sequoia Capital, one of Silicon Valley’s oldest and most profitable mission capital companies, led the spherical. 

Polygon Raises $450M 

Venture capital companies are taking perceive of Polygon.

The Ethereum scaling solution launched it had closed a $450 million funding spherical Monday. Sequoia Capital India led the spherical, while other individuals included SoftBank, Galaxy Digital, Tiger Global, Alameda Learn, Animoca Producers, Spartan Fund, Dragonfly Capital, Variant Fund, and Kevin O’Leary.

Founded in 1972, Sequoia Capital is one of Silicon Valley’s oldest and most illustrious mission capital companies, managing over $80 billion in sources. The company has dabbled in crypto since 2015, making a handful of minute bets in the house thru its Scouts program. Its outdated crypto-associated investments comprise Polychain Capital, MetaStable, and Paradigm. However, its most up-to-date investment in Polygon is its greatest Web3 or crypto-infrastructure wager yet.

Commenting on the investment, Sequoia Managing Director Shailesh Lakhani said:

“The platform of desire to fabricate on the blockchain as of late is Polygon. Hundreds of developers across a vary of applications are deciding on Polygon and their entire inform of scaling choices for the Ethereum ecosystem. That is an ambitious and aggressive crew, one which values innovation at its core. Sequoia Capital India is overjoyed to lead this well-known financing spherical.”

In line with the assertion, Polygon will allocate $100 million of the newly raised cash to an ecosystem fund supporting the improvement and onboarding of recent initiatives on the network. The leisure will reportedly be used as “buffer cash” to sustain the venture’s 240-person crew. 

Polygon, which has a recent market capitalization of spherical $13.3 billion, is Ethereum’s leading sidechain scaling solution. In 2021, it loved a tear of hobby after attracting leading Ethereum-native DeFi protocols like Aave and Curve Finance.  

Polygon has furthermore been increasing its portfolio of Ethereum scaling technologies over the final yr. In December, it bought Mir, a startup that develops zero-recordsdata proofs-primarily based scaling choices, for $400 million. It furthermore bought the EVM-like minded ZK-Rollup protocol Hermez for $200 million final yr.

Attributable to Ethereum’s ongoing scaling challenges, initiatives like Polygon, the Layer 2 protocols Optimism and Arbitrum, and different Layer 1 blockchains much like Solana and Avalanche contain viewed a surge in market valuations, utilization, and recognition over the final two years. Accordingly, Andreessen Horowitz, Sequoia’s arch-rival in the VC world, has poured a entire lot of millions of bucks into Layer 1 protocols much like NEAR, Dfinity, Celo, and Chia over the same duration.

With the Polygon wager, Sequoia is now signaling that it wants a fragment of the rising Web3 pie. Following the announcement, Polygon’s native token MATIC has surged 17% on the day, up from roughly $1.80 to $1.98.

Disclosure: At the time of writing, the author of this fragment owned ETH and several other cryptocurrencies.

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